Another big hitter on the fear-promoting side

Yet another big hitter, JPMorgan, the largest investment bank in the Western world has entered the Referendum debate with the threat that if we leave the EU the bank will cut up to 4,000 jobs, not just in London but also as other branches in the country.

But do we need a bank to give its opinion? In particular, do we need JPMorgan, whose new derivatives, such as Collateralised Debt Obligations (CDO) — a material cause of the 2008 Crash — to give us advice?

As it happens, its statement yesterday, adding to the month-long onslaught of fear by the Remain lobby, would have had a counter-productive effect. According to those who analyse public opinion polls, those who funded the Remain lobby went too far in eliciting fear day after day.  The 2% or 3% advantage that the Remain lobby had until a week ago has already swung to the Brexit side.

If the Brexit lobby keep their cool and continue to bring to the fore some of the quieter, but eminent, voices speaking in favour then we might well be leaving the EU on 23 June. This might go against my own forecast of a few weeks ago but I will not be complaining.

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